Fidelity Arizona Correlations

Mutual Funds . USA . 
Fund . Fidelity Arizona Municipal
FSAZX Fund  USD 11.44  0.01  0.09%   
The current 90-days correlation between Fidelity Arizona Mun and Vy Goldman Sachs is 0.32 (i.e., Weak diversification). The correlation of Fidelity Arizona is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Arizona Correlation With Market

Good diversification

The correlation between Fidelity Arizona Municipal and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Arizona Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Arizona Municipal. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Fidelity Mutual Fund

  0.77FPTKX Fidelity Freedom 2015PairCorr
  0.67FPURX Fidelity PuritanPairCorr
  0.67FPUKX Fidelity PuritanPairCorr
  0.93FPXTX Fidelity PennsylvaniaPairCorr
  0.78FQIFX Fidelity Freedom IndexPairCorr
  0.65FQIPX Fidelity Freedom IndexPairCorr
  0.72FQLSX Fidelity Flex FreedomPairCorr
  0.78FRAMX Fidelity Income ReplPairCorr
  0.77FRASX Fidelity Income ReplPairCorr
  0.63FRGAX Growth Allocation IndexPairCorr
  0.74FRESX Fidelity Real EstatePairCorr
  0.77FRIFX Fidelity Real EstatePairCorr
  0.78FRIMX Fidelity Income ReplPairCorr
  0.8FRINX Fidelity Real EstatePairCorr
  0.74FRIOX Fidelity Real EstatePairCorr
  0.8FRIQX Fidelity Real EstatePairCorr
  0.77FRHMX Fidelity Managed RetPairCorr
  0.77FRKMX Fidelity Managed RetPairCorr
  0.8FRIRX Fidelity Real EstatePairCorr
  0.64FRLPX Fidelity Freedom IndexPairCorr
  0.94FROGX Fidelity Municipal IncomePairCorr
  0.77FRQHX Fidelity Managed RetPairCorr
  0.77FRQIX Fidelity Income ReplPairCorr
  0.73FRQKX Fidelity Managed RetPairCorr
  0.78FRQAX Fidelity Income ReplPairCorr
  0.73FAASX Fidelity Asset ManagerPairCorr
  0.73FAAIX Fidelity Asset ManagerPairCorr
  0.77FACVX Fidelity ConvertiblePairCorr
  0.67FACPX Fidelity Advisor SumerPairCorr
  0.74FACNX Fidelity CanadaPairCorr
  0.74FACFX Fidelity Advisor FreedomPairCorr
  0.74FADMX Fidelity Advisor StrPairCorr

Moving against Fidelity Mutual Fund

  0.31FRPCX Fidelity Sai AlternativePairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
AGGWX
+ 0.99
FRGOX
GLDAX
+ 0.98
FRGOX
GLDAX
+ 0.98
AGGWX
GLRIX
+ 0.69
VGSBX
GLRIX
+ 0.54
AGGWX
GLRIX
+ 0.53
GLDAX
  
High negative correlations   
AGGWX
- 0.21
MXKJX
FRGOX
- 0.21
MXKJX
GLDAX
- 0.18
MXKJX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Arizona Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fidelity Arizona's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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